The business in stockbroking has changed dramatically over the last 30 years with even more significant changes in the last 10 years.
As Australian Securities and Investments Commission (ASIC) and the ASX step up regulatory requirements, the financial industry continues to evolve dramatically and most industry participants will agree that we can expect more changes ahead of us.
For the financial industry, the need to be compliant and to protect all participants has become mandatory. Broking firms need to protect themselves and also their clients, hence the use of technology such as Complii will become mandatory.
As Craig Mason explains, the technology was written for the ASX and is complete. There are no stages to go through. The company is beyond proof of concept, in fact, they are even having paying clients.
Craig puts forth a very compelling statement:
This business is a mandatory exercise for the broking industry. The technology not only makes work more efficient, it protects all participants from the industry.
About Complii Fintech Solutions Ltd
Many stockbrokers have been forced to use substandard software or adapt manual paper procedures that have made it difficult to deal with the changes in legislation brought about by CLERP (Corporate Law Economic Reform) in early 2000 and also the recent FOFA requirements.
Many firms are still using these manual processes and old systems that align with 'industry standard' and are unfortunately having to pay out hundreds and thousands of dollars in client settlements.
To provide support for these changes and an organised paperless compliance process, the Complii Automation Innovation Software was born in 2007.
The system started as a simple SOA (Statement of Advice) generator and client profile tracker but has now morphed into a full compliance and corporate system for brokers or anyone dealing in securities.
Operating in many stockbroking firms and AFSLs, for over eight years now the system has seen numerous ASIC audits and external audits, all with positive results.
Complii originated in Perth and was built with logic conveyed by advisors, management and compliance personnel. Complii continues to grow and can be seen in organisations on both the West and East Coast of Australia.
This customisable software has been designed to automate, record and report on an AFS Licensee’s compliance obligations.
About Craig Mason
Craig is the executive chairman of Complii FinTech solutions Ltd. He has more than 29 years’ experience in the finance industry in various capacities and has worked closely with ASX, ASIC and recently APRA to help shape the industry, more specifically in the areas of custody, third-party trade execution and clearing associated services.
Mason has previously been an active director of the Stockbrokers and Financial Advisers Association (SAFAA) and also sat on the SAFAA Retail Broker Advisory Committee. He is the former country head of BNY Mellon Australia and non-exec chairman Pershing Securities Australia Pty Ltd, a BNY Mellon company, where he was responsible for the overall management of the company.
Mason’s role included the implementation of strategic goals and objectives, providing direction and leadership towards the achievement of BNY Mellon/Pershing’s philosophy and mission, overseeing company operations to ensure efficient management of resources, and ensuring governance functions were fulfilled.
Since establishing the first true Third-Party Clearing business in Australia in 2000 (Berndale Securities, which was a wholly-owned subsidiary of Merrill – Bank Of America) and a subsequent trade execution and clearing services business for UBS in 2005, he has continued to work with the industry and its stakeholders to further enhance the important mid-tier and boutique broking segment with particular focus on the Retail/Wealth Management segment.
In 2009 Mason founded Penson Financial Services Australia as an independent provider of third-party trade execution, clearing, international market access, custody and nominee services to the small and mid-tier broking participants and AFSL holders, one of the fastest-growing segments of the Australian market.
The business model was specifically targeted at allowing participants and AFSL holders to compete with the top end of town on service, capital efficiency and compliance while providing a real alternative to the significant cost pressures that were emerging around capital, compliance and risk management as a result of the GFC and changed market conditions.
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